The very mention of the name Thailand triggers a vacation mood in our minds and the place itself beckons all nature loving people to experience the best what mother earth can offer. Places like Pattaya, Phuket, and Crabby conjure postcard images of exotic beaches. Bangkok on the other hand is all about party, fun, and wild dreams come true. But it’s a different story if you want to shift base to this vacationer’s paradise as an expat.
If you really wish to settle down in this exotic Asian country, you need to know about accommodation and real estate conditions in Thailand. Records say that the basic need for holding a retirement visa in Thailand is a monthly income of around 65,000 baht ($1,960, €1,435 or £1,255) – including all your living expenses there.
Here is a quick look at the promises and problems of settling down in Thailand
- If you wish to spend your retirement years under clear blue skies and basking in the sun, Thailand is your retirement destination for sure for a serene and peaceful life.
- Thai hospitality will never fail to make you feel at home, thanks to the polite, warm and friendly people residing there.
- If you want to soak yourself in spirituality, the temples and monasteries will keep you rooted to this country. Their culture is not only interesting but welcoming for all sects of people.
- Buying real estate in Bangkok is a good idea as the real estate market is heading towards potential boom with the rise in ASEAN economy.
- The expansion of the two main transportation systems MRT and BTS is soon going to increase asset value of real estate properties.
However, there are certain cons of shifting base here as well. If you can deal with them, then living in Thailand will indeed be a beautiful experience. Here are the disadvantages:
- Certain destinations like Pattaya as well as the capital city, Bangkok, are infamous and hugely popular among people for sex tourism.
- The tourists frequenting these places for its wild parties may not be to the liking of someone who wants to enjoy a peaceful life as a pensioner under the warm skies and experience the rich Asian culture.
- There are tons of strip clubs, bars, and red light areas dotting specific places in Thailand which will not make for a decent neighbourhood.
But if you can choose a place that is not widely popular for sordid party circuits, living in Thailand will be worth every penny of your effort. Some places that are worth mentioning here for expat accommodation are Phuket and Chiang Mai in Northern Thailand.
Settling down in this beautiful Southeast Asian country is quite different from living a retired life in a beach house in America or Europe. Thailand is an epitome of rich Asian cultures and traditions. Imagine waking up to a beautiful warm morning and walking to a holy temple or Wat (in Thai) and watching the sun rise and its rays falling on the temple walls.
Or listening to the Buddhist prayer chants and absorbing its positive energy right to your soul. Think about going shopping to the floating market on a little boat, and being greeted by soulful smiling faces moving across the river in their little boats.
If you have weighed your pros and cons and have finally decided to relocate to Thailand, the primary question is where and how will you acquire a place to stay. Here are a few pointers that will help you with the answer to this question.
- As an expat, it is best advised that you buy a condominium in Thailand. It is an easy process with no legal hassles and you can get the possession easily.
- 49% of each building unit in a complex are reserved for foreign buyers or non Thai buyers. If you buy a condominium within that 49% bracket, there will be absolutely no problems with your property.
- Around 17% of condominium properties in Bangkok alone belong to Non Thai owners.
- For finance, it is best to borrow from a bank in your home country, as Thai banking policies do not encourage giving home loans to foreigners.
- Irrespective of the type of real estate property (independent house, condominium, or townhouse), the property is registered under a foreign identity, and then the money to buy it has to be from a foreign country.
- Thai banks may offer to provide mortgage, but the lending has to happen in foreign currency, preferably in dollars. Thus make sure you have the money ready!
- Foreigners who get married to Thai nationals often find it easier to settle down in Thailand. Many expat teachers do this and settle down easily and are welcomed into the Thai family.
- The foreign spouse can buy the property as long as it is registered under the Thai spouse’ name.
- One can also buy townhouses, but it is not as easy as buying a condominium. Town houses come under ‘landed’ property, and non Thai person is legally not permitted to buy land in Thailand.
- You have to register it under a Thai person’s name. It can be a little risky as you cannot blindly trust anyone.
- The other option is to find rental accommodation. There are many owners who would sublet their property for a reasonable amount.
To provide you with an idea of the cost of living in Thailand, here are some approximate costs made into table. To convert these prices into your currency, remember the exchange rate of $1= 32 baht, €1=44 baht and £1=49 baht.
Rent Per Month On average approx range
Apartment (1 BHK) in City Centre 14,440.69 ฿ 8,000.00 22,000.00
Apartment (1 BHK) Outside of Centre 7,378.00 ฿ 4,000.00 10,000.00
Apartment (3 BHK) in City Centre 36,479.82 ฿ 25,000.00 60,000.00
Apartment (3 BHK) Outside of Centres 17,648.44 ฿ 10,000.00 27,500.00
Buy Apartment Price On average
Price per Square Meter to Buy Apartment in City Centre 80,972.41 ฿
Approx range is 50,000.00 110,000.00
Price per Square Meter to Buy Apartment Outside of Centre 51,720.48 ฿
There are many good real estate companies that you can contact and get help as far as accommodation and buying property in Thailand is concerned. Choose your destination according to your intention of coming to Thailand. A retired person would prefer the calm regions of North Thailand, whereas someone with a business venture in mind would want to settle in the more populated and happening places like Bangkok.
Other who would like to enjoy the country as a long term backpacker would love to explore and live in the popular tourist destinations. Whatever is the reason, experiencing Thailand is a great idea and with the right guidance you will enjoy every bit of your stay in this gorgeous Asian country. Real estate in Thailand is however flourishing all the more.